AFRI

MKT CAP:$280M

Forafric Global PLC

Market Cap

$280M

Consumer Defensive·Agricultural Farm Products· GI·NASDAQ

Consumer Def.·Agricultural·NASDAQ

Stock Price

$9.50-$1.48 (-13.48%)

Apr 21, 2026

Company Details

Forafric Global PLC engages in the purchase, storage, transport, processing, and sale of agricultural commodities and commodity products in Morocco and Sub-Saharan Africa. The company offers flour and semolina; and secondary processing prod...

CEO

Khalid Assari

IPO Date

Feb 5, 2021

Website

forafric.com

Key Metrics TTM

Revenue

$325M

+15.9% YoY

Net Income

-$17M

EPS (Diluted)

-$0.63

Free Cash Flow

$30M

Revenue / Share

$12.09

Gross Margin

11.0%

Operating Margin

-0.3%

Net Margin

-5.2%

FCF Margin

9.2%

P/S

0.9x

P/E

—

Earnings Reports

Q2 2024

Jan 16, 2025

$83M+13.5%EPS -$0.24

Q1 2024

Mar 31, 2024

$83M+13.5%EPS -$0.24

FY 2023

Apr 30, 2024

$305M+5.4%EPS -$0.47

Q4 2023

Apr 30, 2024

$80M+18.6%EPS -$0.08

Q3 2023

Dec 12, 2023

$80M+18.6%EPS -$0.08

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$51M	$14M	$3M
Q1 21	$61M	$11M	-$366.0K
Q2 21	$60M	$5M	-$349.3K
Q3 21	$0	$0	-$892.1K
Q4 21	$76M	$14M	-$1M
Q1 22	$89M	$10M	$609.0K
Q3 22	$67M	$7M	-$918.5K
Q4 22	$67M	$7M	-$918.5K
Q1 23	$73M	$7M	-$688.5K
Q2 23	$73M	$7M	-$688.5K
Q3 23	$80M	$8M	$1M
Q4 23	$80M	$8M	$1M
Q1 24	$83M	$9M	-$2M
Q2 24	$83M	$9M	-$2M

Valuation

Quarter	P/S	P/E
Q4 20	—	—
Q1 21	—	—
Q2 21	—	—
Q3 21	1.6x	—
Q4 21	1.4x	—
Q1 22	1.2x	—
Q3 22	1.2x	—
Q4 22	0.9x	—
Q1 23	0.9x	—
Q2 23	1.0x	—
Q3 23	1.0x	—
Q4 23	0.9x	—
Q1 24	0.9x	—
Q2 24	0.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	$2M	$2M
Q1 21	-$274.0K	-$1M
Q2 21	-$431.4K	-$1M
Q4 21	-$728.9K	-$5M
Q1 22	$5M	$4M
Q3 22	-$4M	-$4M
Q4 22	-$4M	-$4M
Q1 23	$5M	$3M
Q2 23	$5M	$3M
Q3 23	$11M	$9M
Q4 23	$11M	$9M
Q1 24	$7M	$6M
Q2 24	$7M	$6M

Capital Expenditures

Quarter	CapEx
Q4 20	$138.0K
Q1 21	$762.0K
Q2 21	$690.0K
Q4 21	$4M
Q1 22	$788.0K
Q3 22	$682.5K
Q4 22	$682.5K
Q1 23	$2M
Q2 23	$2M
Q3 23	$3M
Q4 23	$3M
Q1 24	$281.5K
Q2 24	$281.5K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+50.3%	+61.4%
Q1 22	+46.9%	+45.0%
Q3 22	+11.6%	+12.5%
Q4 22	—	+7556.7%
Q1 23	-4.4%	-4.8%
Q2 23	-18.3%	-16.9%
Q3 23	+18.6%	+15.2%
Q4 23	+18.6%	+15.2%
Q1 24	+13.5%	+14.9%
Q2 24	+13.5%	+14.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$0	0.0%
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q3 22	$62.5K	0.1%
Q4 22	$62.5K	0.1%
Q1 23	$17.0K	0.0%
Q2 23	$17.0K	0.0%
Q3 23	$67.5K	0.1%
Q4 23	$67.5K	0.1%
Q1 24	$193.0K	0.2%
Q2 24	$193.0K	0.2%

OpEx Breakdown

Quarter	SG&A
Q4 20	$11M
Q1 21	$366.0K
Q2 21	$349.3K
Q3 21	$892.1K
Q4 21	$1M
Q1 22	$9M
Q3 22	$8M
Q4 22	$8M
Q1 23	$8M
Q2 23	$8M
Q3 23	$7M
Q4 23	$7M
Q1 24	$9M
Q2 24	$9M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 21	$28.1K	$0	$28.1K
Q2 21	$196.7K	$0	$196.7K
Q3 21	$8.4K	$0	$8.4K
Q4 21	$14M	$0	$14M
Q1 22	$21M	$0	$21M
Q2 22	$21M	$0	$21M
Q3 22	$25M	$0	$25M
Q4 22	$25M	$0	$25M
Q1 23	$25M	$0	$25M
Q2 23	$25M	$0	$25M
Q3 23	$24M	$0	$24M
Q4 23	$24M	$0	$24M
Q1 24	$16M	$0	$16M
Q2 24	$16M	$0	$16M
Q3 24	$12M	$0	$12M
Q4 24	$12M	$0	$12M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	14M	—	—
Q1 21	15M	+4.0%	—
Q2 21	15M	0.0%	—
Q3 21	27M	+76.4%	—
Q4 21	15M	-43.3%	+4.0%
Q1 22	120M	+697.3%	+697.3%
Q3 22	32M	-73.6%	+110.2%
Q4 22	32M	0.0%	+19.2%
Q1 23	27M	-15.1%	+78.6%
Q2 23	27M	0.0%	-77.6%
Q3 23	27M	+0.0%	-15.1%
Q4 23	27M	0.0%	-15.1%
Q1 24	27M	-0.0%	+0.0%
Q2 24	27M	0.0%	+0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	—	—
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q4 21	—	—
Q1 22	—	—
Q3 22	—	—
Q4 22	$89.9K	750
Q1 23	$97.1K	750
Q2 23	$97.1K	750
Q3 23	$106.6K	750
Q4 23	$133.2K	600
Q1 24	$137.7K	600
Q2 24	$137.7K	600

Revenue / Employee